On January 13, 2015, the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and Exchange Commission (the “SEC”) released its 2015 examination priorities. The SEC identified three thematic issues: (i) matters relating to retail investors and...

In March of this year, the Ontario Securities Commission published a proposed new exemption from the prospectus filing requirement to permit equity-based Crowdfunding in Ontario. The proposed exemption was open for comment until June 18. There has been a fair amount of “buzz” about...

The CSA recently published a notice and request for comment regarding proposed amendments to the continuous disclosure obligations and audit committees of venture issuers the “Venture Issuer Amendments”). This is a follow on initiative to the CSA’s previous more comprehensive...

On December 2, 2013, the SEC's Division of Investment Management issued a new "Guidance Update" that provides some important interpretive guidance on the exemption from registration under the Investment Advisers act of 1940 (the "Advisers Act") for certain venture capital fund...

We have seen that the losses caused by the unsuitable recommendations, the lack of orientation and the concentration in CEFs and PR paper, has not only resulted in monetary damages, but also in psychological ones.

On November 21, 2013, the securities regulatory authorities in all Canadian jurisdictions, with the exception of Ontario and Newfoundland and Labrador (the “Participating Jurisdictions”), published for comment Multilateral CSA Notice 45-312 (the “Notice”). The Notice sets...

Crowdfunding. Crowdfunding is a financing method used primarily by startups and small businesses to raise small amounts of capital from a large number of people over the internet. Crowdfunding websites currently avoid the securities laws since they do not sell stock or other securities. For...

On Oct. 24, 2013, the United States Securities and Exchange Commission (the “SEC”) released proposed rules (the “Proposed Rules”) for crowdfunding transactions, as required by Title III of the JOBS Act, the CROWDFUND Act. Under the Proposed Rules, which do not meaningfully...

On May 8, 2013, the TSX Venture Exchange (the “TSXV”) implemented amendments to Policy 4.4 - Incentive Stock Options (“Policy 4.4”) which are effective immediately. Most of the amendments clarify and provide guidance on existing requirements and procedures. However, certain...

The Securities and Exchange Commission (SEC) recently announced settlements involving a private equity firm, its former senior managing director, and an individual “finder” who solicited investors as an independent consultant for the firm. These settlements serve as a reminder to...